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I bought my Vegas house before the insane real estate boom happened so I'm still in good shape with it. Most people that bought houses there after 2004 are pretty screwed, but the good news is now most of the homes that were built after that time can be picked up pretty cheap, including model homes that have never been lived in.
I've looked at a few foreclosure homes and there are some deals to be found if you dont mind replacing everything that the previous owners stripped out, like the light & plumbing fixtures and the kitchen cabinets and appliances, etc.
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